Question

Which of the following describes a primary goal of the 1991 economic reforms in India?

• A. Encouraging domestic monopolies
• B. Promoting import substitution exclusively
• C. Reducing government intervention in the economy and fostering a competitive market environment
• D. Ensuring complete state ownership of industrial production

Answer 1

Answer:

C. Reducing government intervention in the economy and fostering a competitive market environment

The 1991 economic reforms in India marked a shift towards liberalization, privatization, and globalization, involving measures such as reducing trade barriers, deregulating industries, and encouraging foreign investment to boost economic growth and integration with the global economy.